Aurinia Reports New Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) announced the grant of inducement stock options and restricted stock units (RSUs) to three new employees. The inducement stock options total 89,830 shares at an exercise price of $8.99, the closing price on March 3, 2023. The RSUs granted amount to 54,850 shares. The options vest over three years, with one-third vesting after one year and the remainder vesting in equal monthly installments. The RSUs vest in three equal annual installments. This move complies with Nasdaq Listing Rule 5635(c)(4) and indicates Aurinia's commitment to attracting talent as it advances treatments for autoimmune and rare diseases.

Positive

• Inducement of stock options and RSUs indicates Aurinia's commitment to attracting new talent.
• The grant of 89,830 inducement stock options and 54,850 RSUs could enhance employee motivation and retention.

Negative

• None.

VICTORIA, British Columbia--(BUSINESS WIRE)-- Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) (Aurinia or the Company), a biopharmaceutical company committed to delivering therapeutics that change the course of autoimmune, kidney and rare diseases, announced that the Company’s Compensation Committee granted 3 new employees inducement stock options to purchase an aggregate of 89,830 common shares, at a per share exercise price of $8.99, the closing price of Aurinia's common stock on March 3, 2023, and an aggregate of 54,850 inducement restricted stock units (RSUs). The inducement stock options and RSUs have a grant date of March 6, 2023. The stock options and RSUs were granted as inducements material to the new employees entering employment with Aurinia in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement stock options have a ten-year term and vest over three years with one-third of the shares vesting on the twelve month anniversary from the grant date, and the remaining options vesting in twenty-four equal monthly installments thereafter.

The inducement RSUs shall vest in three equal annual installments on the first, second and third anniversary of the grant date.

About Aurinia

Aurinia is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by autoimmune, kidney and rare diseases with a high unmet medical need. In January 2021, the Company introduced LUPKYNIS^® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis. The Company’s head office is in Victoria, British Columbia, its U.S. commercial office is in Rockville, Maryland. The Company focuses its development efforts globally.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230306005722/en/

Investor/Media Contact:

Aurinia@westwicke.com

Source: Aurinia Pharmaceuticals Inc.

FAQ

What stock options were granted by Aurinia Pharmaceuticals on March 6, 2023?

Aurinia Pharmaceuticals granted 89,830 inducement stock options at an exercise price of $8.99.

How many restricted stock units (RSUs) did Aurinia grant?

Aurinia granted a total of 54,850 inducement restricted stock units (RSUs) on March 6, 2023.

What is the vesting schedule for the inducement stock options at Aurinia?

The stock options vest over three years, with one-third vesting on the twelve-month anniversary of the grant date and the remainder in twenty-four equal monthly installments.

When do the RSUs granted by Aurinia vest?

The RSUs vest in three equal annual installments on the first, second, and third anniversaries of the grant date.

What is the purpose of the inducement stock options and RSUs granted by Aurinia?

These inducements are material to the new employees as per Nasdaq Listing Rule 5635(c)(4), aimed at attracting talent.